The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 percent compared with 4,611 in the same month last year. Sales were up 14 percent from September on a seasonally adjusted basis.
The average selling price was up 1.1 percent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 percent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release….